Category Archives: 10K MarketStats

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings in Chicagoland were up 3.8 percent for detached homes and 7.8 percent for attached properties. Listings Under Contract increased 8.0 percent for detached homes and 7.1 percent for attached properties.
The Median Sales Price was up 5.5 percent to $232,000 for detached homes and 4.4 percent to $190,000 for attached properties. Months Supply of Inventory decreased 14.8 percent for detached units and 11.8 percent for attached units.
Last year at this time, the national story line was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural
market cooldown before any actual temperature change. Competition is expected
to remain fierce for available listings. Savvy sellers and buyers know that deals can
be made well into the school months, as household formations take on many
shapes and sizes.

New Listings in Chicagoland were up 2.8 percent for detached homes and 10.4
percent for attached properties. Listings Under Contract increased 9.0 percent for
detached homes and 8.0 percent for attached properties.

The Median Sales Price was up 3.0 percent to $242,000 for detached homes and
7.0 percent to $199,900 for attached properties. Months Supply of Inventory
decreased 15.8 percent for detached units and 14.3 percent for attached units.

The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.

New Listings in Chicagoland were up 0.3 percent for detached homes and 5.5 percent for attached properties. Listings Under Contract increased 5.5 percent for detached homes and 7.2 percent for attached properties.

The Median Sales Price was up 4.2 percent to $250,000 for detached homes and 5.0 percent to $204,750 for attached properties. Months Supply of Inventory decreased 16.7 percent for detached units and 17.1 percent for attached units.

Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.

New Listings in Chicagoland were down 0.9 percent for detached homes but increased 6.5 percent for attached properties. Listings Under Contract increased 11.4 percent for detached homes and 4.9 percent for attached properties.

The Median Sales Price was up 4.9 percent to $257,000 for detached homes and 5.1 percent to $208,000 for attached properties. Months Supply of Inventory decreased 18.2 percent for detached units and 18.4 percent for attached units. With job creation increasing and mortgage rates remaining low, the pull toward home ownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high.

Home builder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

New Listings in Chicagoland were up 0.9 percent for detached homes and 4.8 percent for attached properties. Listings Under Contract increased 9.9 percent for detached homes and 15.5 percent for attached properties.

The Median Sales Price was up 7.3 percent to $250,000 for detached homes and 5.1 percent to $204,900 for attached properties. Months Supply of Inventory decreased 18.8 percent for detached units and 22.3 percent for attached units.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

New Listings in Chicagoland were down 8.9 percent for detached homes and 5.0 percent for attached properties. Listings Under Contract increased 1.5 percent for detached homes but decreased 0.2 percent for attached properties.

The Median Sales Price was up 7.8 percent to $242,500 for detached homes and 2.8 percent to $205,000 for attached properties. Months Supply of Inventory decreased 19.4 percent for detached units and 20.7 percent for attached units.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.